Twitter has canceled a companywide retreat to Disneyland in a cost-cutting measure as it grapples with C-suite chaos and a worsening economy amid buyout talks with Elon Musk.
The social media firm was set to fly out its employees to the California theme park in a corporate event slated for January 2023. The cancellation was confirmed hours before Musk was set to discuss his stalled takeover bid during what is expected to be a contentious all-hands meeting with Twitter staffers.
“We’ve made the difficult decision to not move forward with our OneTeam gathering in 2023, and are limiting domestic and international business travel for business-critical purposes only,” a Twitter spokesperson said in a statement to The Post on Thursday.
“The reduction of travel and event costs allow us to operate in a more responsible and efficient manner, considering the global macroeconomic environment we’re currently facing,” the spokesperson added.
Twitter last held its “OneTeam” corporate retreat in early 2020, shortly before the onset of the COVID-19 pandemic, according to Bloomberg. The last trip took place in Houston, Texas.
Musk is expected to confirm his interest in buying Twitter during the hour-long all-hands meeting. The Tesla CEO is also expected to face tough questions from staffers regarding his potential plans for Twitter – including the possibility of layoffs, the company’s remote work policy and concerns about his public criticism of its content moderation policies.
Twitter has sought to keep its costs low during negotiations with Musk, who has expressed concern about advancing his $44 billion deal to buy the company due to concerns about the number of spam bots within its user base. Company have also cited economic difficulties related to the Russia-Ukraine war and decades-high inflation.
Meanwhile, Musk reportedly told bankers he could cut costs by laying off some employees and slashing executive pay during his effort to raise financing for the deal.
In May, CEO Parag Agrawal informed workers in a memo that Twitter would freeze new hiring and cut down on discretionary spending. The top boss said the move was necessary because Twitter was failing short of its internal targets for audience and revenue growth.
As The Post and other outlets reported last month, Twitter has also rescinded an unspecified number of job offers to new hires – leading one scorned worker to declare his “whole world just got destroyed in 25 seconds” when his deal was pulled.
A Twitter spokesperson cited tough macroeconomic conditions and said the company was reviewing all recently extended job offers to determine whether they were operationally critical.
Twitter recently sought to assuage Musk’s concerns about spam bots by offering his team full access to its so-called data “firehose,” which includes every tweet posted on the platform, to conduct an analysis of its users.